Early this morning as usual when i was going through the news i read about the information i think i should share with you
Cloud storage platform Box.net has
raised a whopping $50 million in new funding with participation from CRM giant
Salesforce.com. Past investors also participated in the round, as well as new ‘strategic
partners’, who will be revealed soon. Box’s past investors include Andreessen
Horowitz, Draper Fisher Jurvetson, Emergence Capital Partners, Meritech Capital
Partners, Scale Venture Partners and U.S. Venture Partners. This brings Box’s
total funding to $128 million.
Box, which has 7 million users and
stores over 300 million documents, is a cloud storage platform for the
enterprise that comes with collaboration, social and mobile functionality. Box
has evolved into more than just a fils storage platform, and has become a
full-fledged collaborative application where businesses can actually
communicate about document updates, sync files
remotely, and even add features from Salesforce, Google Apps,
NetSuite, Yammer and others.
The company was founded in 2005 by
Aaron Levie and Dylan Smith out of their dorm rooms in 2005 with the goal of
making it easy for people to access and share all their content, from anywhere.
Today, the company provides storage solutions for 77% of the Fortune 500. This
year, Box landed its biggest enterprise deal yet (and one of the largest cloud
SaaS deals ever) with 18,000 seats with P&G.
The company says that 200,000+ new
users join each month and the average enterprise deployment size doubles every
two quarters. Over 1,000 new companies sign up for the business and enterprise
editions monthly and Box has seen a 600% growth in mobile deployments in 2011
compared to all of 2010.
CEO Levie tells us in the video
below that the future of enterprise software will be personal, social and
smart, which means that content will actually connect users and help
productivity in the enterprise. help connect users to content, make better
decisions, faster, and work more effectively with anyone.
Box raised $48 million
from Andreessen Horowitz and others earlier this year but Levie says that
because of the strong venture market, the company’s strong performance, and the
growth in the cloud, an expansion round made sense. And the company has even
become a pricey
acquisition target.
Salesforce, in particular, as a
partner makes sense says Levie considering both of the company’s bets in the
cloud. Box will be debuting
integrations with Salesforce’s social network for the enterprise
Chatter, and will continue to roll out deeper integrations in the future. And
Levie says that most of Box’s customers user Salesforce as well.
Levie explains that the company
didn’t need to raise more money, with the potential acceleration of growth in
the cloud, the company wanted to be prepared to mitigate this growth. The new
funding will be used to add additional infrastructure, for research and product
development and for hiring. There are no current acquisitions on the horizon,
but Levie says that the company would certainly be interested in acquiring if
there is the right fit.
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